April-May 2023 shows improvement in India’s trade balance
India’s trade deficit for April-May 2023 has improved considerably, estimated at US$ 13.28 billion compared to US$ 20.56 billion during the same period in 2022. This represents a decline of 35.41%. The merchandise trade deficit for April-May 2023 stands at US$ 37.26 billion, down by 7.95% from April-May 2022.
In May 2023, India’s overall exports (merchandise and services combined) are estimated to be US$ 60.29 billion, showcasing a negative growth rate of 5.99% compared to May 2022.
The global slowdown in merchandise exports, influenced by geopolitical tensions and recessionary fears, has impacted India’s trade performance. However, there is an anticipation of demand revival from July-August 2023 onwards.
